With the House of Representatives narrowly rejecting the bipartisan $700 billion rescue of the financial industry this afternoon, the markets have plunged again, but at least, as my colleague Chris Hayes just wrote, it shows that “Democracy turns out to be alive and well.”

I’m glad the bill went down. It could and should be much, much better. As Arun Gupta and Medea Benjamin explain in a new post at TheNation.com, despite attempts by legislators to portray this as a compromise bill that helps both Wall Street and Main Street, in reality it represents an appalling transfer of wealth upward.

The vote against the measure was 228 to 205 but the bill’s supporters vow to try to bring the rescue package up for consideration again as soon as possible.

While this debate is roiling Capitol Hill, the activist community is working to help define appropriate terms for a bailout on which a progressive consensus could emerge. Click here to implore your elected reps to demand a better economic stabilization bill.

This Wednesday, Oct 1st, Jobs with Justice is calling for a national day of action against the bailout. Look for the closest office of your Congressperson or Senator. Organize your family, friends, group, whomever to do a picket, hand out literature, flood the office with phone calls–whatever. The imperative is to act now. For more information, go to bailoutmainstreet.com.